Equity Research Report Ways2Capital 26 October 2015


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Foreign institution investors buy 524 Crore while Domestic institutional investors Sold of 355 Cr. In cash segment.FII bought Rs. 31 Cr. In index future and 61 Cr. in Index option,


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? Foreign institution investors buy 524 Crore while Domestic institutional investors Sold of 355 Cr. In cash segment.FII bought Rs. 31 Cr. In index future and 61 Cr. in Index option, In stock future they bought 475 Crore. The Highest Put base it all the 8000 Strike with 58 lakh shares while the highest call base is at the 8300 strike with 61 lakh shares.The 8200 and 8300 call strike saw addition of 0.6 and 2.7 lakh shares,Respectively.

 

? Private companies announced new projects worth about Rs 2,25,000 crore in the July-September period, 54% more from a year earlier and the highest in any quarter since 2011, in what could boost economic activity in the coming months.While companies continue to be jittery of big-ticket investments, conglomerates like Adani and Vedanta, and many smaller companies have announced new projects in the past quarter in an indication of improving sentiment.

 

? Crossing a significant milestone in negotiations for the 36-aircraft Rafale fighter deal, India and France have firmed up an understanding on the offsets segment under which the French have agreed to invest 50 per cent of the deal's worth in related sectors.The offsets deal was clinched in the last few days,Even as the deal was being reached, French aircraft manufacturer Dassault had already reached out to Indian companies in the defence and security industry for possible Make in India partnerships. Estimated at $4.5 billion, or about Rs 30,000 crore, this will make it one of India's biggest-ever offsets deals

 

? Reliance Asset Management acquires goldman sach india business for Rs.243 crore - Reliance Capital Asset Management, a part of Anil Ambani-led Reliance Capital, on Wednesday signed a definitive agreement to acquire Goldman Sachs Asset Management's onshore asset management business in India. Reliance CAM will pay Rs 243 crore or $37.5 million in cash to acquire all onshore mutual fund schemes, including exchange-traded funds of GSAM India, Reliance Capital said in a press note. 
The boards of both the companies - Reliance Capital Asset Management and Goldman Sachs Asset Management India - have already approved the transaction, which is expected to be completed by the end of this financial year subject to necessary regulatory approvals.

 

? Shares of Federal Bank nosedived 12 per cent to close the day at Rs 57.50 to hit 52-week low on in Wednesday's trade after the company reported a higher-than-expected drop in bottom line and a considerable rise in slippages for the September quarter. The stock slumped 14.67 per cent to hit a one-year low of Rs 55.80 on BSE, falling further from its recent low of Rs 56.30 hit on September 4. 

 

? New Indian accounting standard may not be good for profitability of companies - Come April 2016, investors may find it less tedious to compare earnings of listed companies with the new Indian accounting standard Ind-AS set to be implemented. But, the transparency will come at a cost. Profitability of many companies could be impacted heavily because of the new rules. 

 

? Markets regulator Sebi today issued a comprehensive risk management framework for regional commodity derivatives exchanges, including deposits required for members and margins need to be levied.The circular will be implemented by April 1, 2016, the Securities and Exchange Board of India said.  All recognized associations under the Forward Contracts (Regulation) Act, 1952 are deemed to be stock exchanges under the Securities Contracts Act, 1956, with effect from September 28, 2015, the day when merger of commodity markets regulator FMC with Sebi became effective.

 

? Big consumer push: Tata Group shaking up its organizational culture to woo consumers - One recent afternoon, Harish Bhat, a member of the Tata Sons group executive council, a body of young leaders that provides strategic direction to the conglomerate, showed up at Phoenix, a mall in south Mumbai that is always teeming with shoppers. Bhatt wasn't there to shop but to watch people shop. He was curious about what consumers purchase and what they do before deciding to buy something. Bhat has been making frequent visits to Phoenix in recent days. This mall brings in a blend of consumers from all walks of life... it has some of the biggest luxury brands and a Big Bazaar," he says.

 

? See NIMs at 2.75-2.8% by year-end: South Indian Bank - South Indian Bank  reported 22.38 percent increase in net profit at Rs 93.38 crore in the second quarter ended September 30, helped by lower provisions for bad loans. But on the asset front, its net non-performing assets went up to 1.39 percent during July-September as compared to 0.90 percent year ago.he bank's gross NPA rose 25 percent quarter-on-quarter to Rs 892.25 crore. Of this, Rs 119 crore of fresh NPA is from one large restructured pharma account, says VG Mathew, MD and CEO of South Indian Bank. Another important thing to keep in mind is that no major standard asset has slipped in the quarter, he said.

 

? Payment banks: Premature to fear or is the threat real - To thwart competition from small and payment banks, DCB Bank  recently announced a radical expansion plan that led to a couple of downgrades and a steep cut in its stock price. Such was the ferocity of stock decline that the bank was forced to scale down its strategy of expansion.

 

? Looking at expansion in aerospace, defence units: M&M - M&M  ’s Mahindra Defence Systems is looking to expand its business in aerospace and defence through acquisitions.MDS chairman SP Shukla said the company is on a lookout for technological partnerships for the same, he said. Acquisitions in defence are niche, capital intensive and specialised, he added.MDS makes light combat, multi-utility and sports utility vehicles. It designs and develops special military vehicles prototypes.M&M has been working to strengthen its aerospace and defence business rigorously in recent years. This year in June, the company’s subsidiary Mahindra Aerospace had bagged a multi-million areo-components manufacture and supply contract from its European consortium Airbus. 

 

? Maintain 21-22% margin guidance in FY16: HCL Tech - The dismal quarter posted by HCL Technologies  also saw its operating margins come off to a low of 19.4 percent.President Anant Gupta and CFO Anil Chanana said they expect margins to bottom out now and are holding up the company's fiscal year 2016 guidance of 21-22 percent margins.Speaking about the results, the management said weakness in India business, though a small part of revenues, impacted the rest-of-world component in the earnings. HCL's Americas, Europe and rest of world revenues grew by 0.7 percent, 5.6 percent and -8.4 percent quarter on quarter. 

 

? FIIs/RFPIs can invest up to 74% in Shriram Transport Fin -A day after it banned further purchase by foreign investors in Shriram Transport Finance , RBI today said FIIs/RFPIs can now invest up to 74 percent of the paid up capital of the company. On Tuesday, RBI had said that the foreign shareholding through Foreign Institutional Investors Registered Foreign Portfolios Investors in the company crossed threshold ban limit and "therefore, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs".The RBI on Wednesday stated that the company has passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs. "FIIs/RFPIs can now invest up to 74 percent under PIS in M/s Shriram Transport Finance Co Ltd," the RBI said.

 

? CBI probing First Leasing case: IDBI ED - IDBI Bank  ’s exposure to the First Leasing case is over Rs 270 crore, the bank’s Executive Director, RK Bansal said. Bansal told the bank had marked the account as a non-performing loan and had formed a provision for the same two years ago when the scam was unearthed by the Reserve Bank of India. IDBI Bank had registered a case with the Central Bureau of Investigation on First Leasing Company and its directors for cheating and causing monetary loss in 2014.  The CBI has put charges on the accused people, then a part of the First Leasing Company of India Ltd, for using forged documents and falsification of accounts between 2005 and 2013.

 

? Reserve Bank of India to tabulate FDI data in limited liability partnerships - To tabulate data related to FDI by limited liability partnerships, the Reserve Bank has asked these entities to submit report over their foreign liabilities and assets by June 15 of every year. All Limitied Liability Partnership in India that have received FDI or made FDI abroad in previous year as well as the current year will have to submit Foreign Liabilities and Assets by July 15 every year, the RBI said in a notification today.The direction has come with a view to capturing "the statistics relating to FDI both inward and outward, by Limited Liabilities Partnerships in India", it said.

 

? Subdued Q2 earnings on lower agri biz: Bajaj Finserv - Sanjiv Bajaj, managing director, Bajaj Finserv  , says Q2 was flat for the company's general insurance business. The company's net profit came in at Rs 441.1 crore versus a profit of Rs 316 crore.

 

? Will disburse over Rs 1000 cr within a week or two: Mudra - Mudra, the organisation tasked with banking the largely unbanked Micro, Small and Medium Enterprise sector in India, is a month away from applying for more funds from the Reserve Bank of India. In a conversation with ET Alexander Mathew, Mudra's MD and CEO Jiji Mammen said his organisation would disburse most of the Rs 5,000 crore it has received from the RBI so far. “We currently have commitments to lend Rs 1,000 crore to banks,” says Mammen. The organization has only disbursed Rs 350 crore out of Rs 5,000 crore corpus and expects to disburse over Rs 1,000 crore within a week or two, he adds. He also says that several banks have given out "Shishu" loans at base rate, which are up to Rs 50,000 under Govt's MUDRA scheme.

 

? Japan offers India soft loan for $15 billion bullet train in edge over China - Japan has offered to finance India's first bullet train, estimated to cost $15 billion, at an interest rate of less than 1 percent, officials said, stealing a march on China, which is bidding for other projects on the world's fourth-largest network. Tokyo was picked to assess the feasibility of building the 505-kilometre corridor linking Mumbai with Ahmedabad, the commercial. Capital of Prime Minister Narendra Modi's home state, and concluded it would be technically and financially viable. The project to build and supply the route will be put out to tender, but offering finance makes Japan the clear frontrunner.

 

? IT services provider Mphasis matched analysts' expectations on bottomline and topline front but September quarter operational performanc e was ahead of estimates. Consolidated net profit grew by 18.4 percent sequentially to Rs 185 crore, boosted by operational numbers despite lower other income.The company is hopeful of USD 300 million deal wins for the year after wining around USD 166 million of total contract value in the first half, said Ganesh Ayyar, CEO, Mphasis.

 

? Don't need foreign capital crutches: IndiGo - Referring to the foreign investments Indian aviation players seem to be wooing these days, Aditya Ghosh president and wholetime director, IndiGo says his company never needed the crutches of foreign direct investment to help run the company.Ghosh says with its efficient cost structure and steely focus on its own brand, the company has been able to create a story that is tough to replicate.

 

? NPA problem to cont. for next 2-3 quarters: PSBs to FinMin - Facing mammoth NPAs, PSU banks today said the problem of poor asset quality "may continue" for another 2-3 quarters as the Finance Ministry took stock of issues, including the alleged Rs 6,100-crore black money remittance case involving Bank of Baroda , facing them."The issue of poor asset quality was discussed. The banks clarified that the problem may continue for two to three quarters before their situation improves. Banks were advised to make judicious use of their capital," a Ministry statement said. Briefing reporters after the meeting heads of all public sector banks along with top ministry officials, Minister of State for Finance Jayant Sinha told reporters that government has "taken various steps to bring down" non-performing assets and those measures too were discussed. Gross NPAs of state-run banks at the end of March quarter stood at 5.2 percent of total advances compared with 5.63 percent in December.

 

? ONGC targets $10-$12 billion foreign oil and gas investments - The foreign investment arm of India's top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said. ONGC Videsh Ltd hopes to capitalise on cheaper assets after a slump in oil prices and Prime Minister Narendra Modi's diplomatic efforts to boost the global presence of Indian firms. 

 

? Sebi allows some relaxation to barred entity - Regulator Sebi has allowed certain relaxations to an entity that was barred along with 128 others from the securities market in April this year for suspected tax evasion and laundering of black money through stock markets. Mishka Finance and Trading Ltd along with 128 other entities were restrained from the securities market till further orders.Sebi's Whole Time Member Rajeev Kumar Agarwal today said the purpose of the interim order was to restrain the noticee from indulging in similar activities of misuse of the stock exchange mechanism for purposes other than genuine trading. 

 

? India tops in trade facilitation in South-Asian sub-region - India is top trade facilitation performer in South Asian sub-region while Singapore and Korea lead East Asia in moving goods effectively, a UN report said.The United Nations Economic and Social Commission for Asia and the Pacific, together with all four other UN regional commissions, has launched the first global report on implementation of measures to simplify import, export and transit procedures. The inaugural Global Report of the Trade Facilitation and Paperless Trade Implementation Survey provides data for 119 countries and serves as a useful basis for benchmarking and monitoring trade facilitation performance.

 

? India remains less exposed to external risks: Moody's - Forecasting that India will clock the highest growth rate of 7-7.5 percent among G20 economies in 2015 and 2016, Moody's Investors Service today said the country is less exposed to external shocks, and the positive rating outlook reflects resilient growth and reforms momentum."India is less exposed to global risks because of its more resilient economic growth and the impact of positive policy reforms momentum," the rating agency said.Emerging market sovereigns have diverging shock-absorption capabilities to withstand the risks that will continue to impact global credit quality in 2015-16, says Moody's in a report published today. The report focuses on five Baa-rated sovereigns -- Turkey, Brazil, South Africa, India and Indonesia. "India is less exposed to external shocks than the other sovereigns discussed here.

 

Top Economy news

? Private equity inflows may hit record $20 billion this year -  If the last nine months of private equity activity are any indication, PE investments are poised for a strong finish in 2015. Bain Consulting, the leader in consulting to PE firms in India and globally, predicts that PE transactions will touch a record $20 billion this year, higher than the previous record of $17.1 billion in 2007.Heightened financing in consumer technology space and big ticket investments in real estate and financial services will propel PE activity to hit a new high this calendar.  PE investments for the first nine months of this year have already hit $16.7 billion,outpacing 2014's total PE deal value of $15.2 billion."The growth trend indicates that PE investment activity this year will surpass 2007, which was the best period so far," said Madhur Singhal, consulting principal, private equity practice, Bain Consulting.

? Private companies announce new projects worth Rs. 2.25 lakh Crore, highest quarterly commitment since 2011 - Private companies announced new projects worth about Rs. 2.25,000 crore in the july-september period , 54% more from a earlier and the highest in any quarter since 2011, in what could bosst economic activity in the coming months. While Companies continue to be jittery of big-ticket investments , conglomerates like Adani and Vedanta, and many smaller companies have announced new projects in the past quarter in an indication of improving sentiment. According to a source, Indian Companies state-owned and private together -Announced new projects totalling Rs. 3,80,000 Crore in the july-September Quarter, Which was 11.11% Higher than a year earlier. Government investment decline to Rs. 1,55,000 Crore From 1,96,000 Crore.

? India and Russia target $30 billion dollar worth trade in next 10 years - India and Russia have discussed ways to boost their economic ties to achieve the target of $30 billion in bilateral trade in the next 10 years.External Affairs Minister Sushma Swaraj and Russia’s Deputy prime Minister Dmitry Rogozin, Chairing the 21st India-Russia Inter-Govermental consultations on 20 oct, Also looked at ways to enhance the mutual direct investment to $ 15 billion by 2025. Both Side Identified various sector to achieve these commercial targets, agreed upon by Prime Minister Narendra Modi And Russian President Vladimir Putin During their Summit meeting last year.Bilateral trade in 2014 amounted to $9.51 billion, with indian exports touching $3.17 billion and import from Russia stood at $6.34 billion.

? Coal India takes IT route to track mining projects - The world’s Largest coal miner CIL is planning to put in place a mechanism to monitor execution of mining projects that cost over rs. 150 Cr. As the PSU behemoth eyes on an output of one billion tonnes by 2020. According to a Coal India official, a tender document has been drafted by the PSU to set up an IT-enabled system to monitor and evaluate projects. "Suggestions have been invited from parties/agencies having experience in the field of draft tender," the official said, adding that a "meeting in this regard will also be held next month where suggestions will be taken into account for finalisation of the notice inviting tender"In the first phase, the monitoring and evaluation system will be set up for projects costing Rs 150 crore or more, the official explained. The government has set an ambitious one billion tonnes of production target for CIL by 2020. Coal India accounts for over 80 per cent of the domestic coal output.

? Rural inflation running higher than urban: HSBC - Notwithstanding the fact that overall inflation has fallen strikingly in last few months, its benefits have not been equally distributed with the rate of price rise running higher in rural areas than in urban centres because of structural bottlenecks, says a report. According to globle financial services firm HSBC, Rural inflation has not fallen as much as urban and the ‘excess inflation’ that the rural india is facing is apparent across major subcategories like fuel, core and food. “"Structural bottlenecks are preventing rural Indians from benefiting fully from global disinflation," HSBC said in a research note, adding that this is seen in greater use of non -oil based fuels, where prices remains higher in rural homes.

? Financial institutions, mutual funds seek easier tax rules, uniform KYC norms to encourage retail investors -  Indian financial institutions and mutual funds sought easier tax rules and uniform know your customer norms as part of suggestions they made to promote ease of doing business and encourage retail participation in the securities market. Local brokerages, mutual funds and stock exchanges discussed the financial markets on the second day of deliberations called by the finance ministry. Foreign portfolio investors had met government officials earlier. The meetings were attended by officials of the Securities and Exchange Board of India and the Reserve Bank of India as well. "There were some suggestions and representations with regard to rationalisation of certain tax provisions," economic affairs secretary Shaktikanta Das said. "We have made a note of (these). CBDT and CBEC officials were present. They will examine it... Let us see what can be done." 

? Finance Ministry officials meet market players on Oct 20-21 -Aiming at ensuring ease of doing business in the financial market, the financial ministry wi


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